In this time of the COVID-19 pandemic, there are many questions about insurance coverage. Because each policy is different, it is very difficult to generalize about insurance coverage. However, one thing we know to be true is that policyholders or insureds will be advocating for losses, primarily business losses, to be covered, while the insurance companies will be arguing the insurance policies preclude coverage either due to policy definitions or due to policy exclusions ...
The COVID-19 pandemic has hit small businesses particularly hard. And, the Small Business Administration’s disaster loan program can offer many of those small businesses a lifeline. But, it can be daunting to know what relief is available (and for what purpose), who qualifies, and how to apply. This is what you need to know. The SBA has two types of disaster loan programs—one through banks and one directly from the SBA via the U.S. Treasury ...
Companies and taxpayers alike are experiencing massive liquidity shortages due to the far-reaching restrictions on the economy and on public life caused by the COVID-19 pandemic, or at least will be exposed to such a risk in the medium term. This forces them to examine, also in relation to taxes, how existing liquidity may be preserved or additional liquidity created. In addition, the question is how to deal with ongoing tax audits and what other procedural relief is available ...
The global health alert triggered by the spread of the new coronavirus known as SARS-CoV-2, which causes the disease COVID-19, is creating great challenges for companies. Governments around the world are tackling the situation by approving drastic measures to try to mitigate the effects of the health crisis first and the economic crisis second ...
On March 22, 2020, several federal financial institution regulatory agencies and state banking regulators issued an interagency statement encouraging all financial institutions to work constructively with borrowers impacted by the ongoing Coronavirus Disease 2019 (“COVID-19”) ...
In a unanimous decision, the Texas Supreme Court held on March 20, 2020 that an insurance policy’s omission of an express duty to defend “groundless, false or fraudulent” claims does not preclude application of the Eight-Corners Rule. InJanet Richards, et al. v. State Farm Lloyds, No. 19-0802, ___ S.W.3d ___ (Tex ...
The U.S. Small Business Administration (SBA) is an independent agency of the federal government established to provide assistance and protection in the interest of small businesses. Among its funding programs, the SBA Disaster Assistance program provides low interest loans to help businesses and homeowners to recover from declared disasters – usually for events such as hurricanes or floods ...
Co-authored by MV Credit Partners LLP As the world watches the spread of COVID-19 across all continents, global economies are reacting to the impact and trying to foresee eventualities to mitigate the inevitable loss. There are some industries that will undoubtedly be more effected than others, and as with any economic crisis this will have a knock-on effect ...
This morning, Governor Andrew Cuomo of New York issued Executive Order No. 202 ...
Amidst continuing COVID-19 concerns, regulators issued certain waivers of HIPAA requirements and penalties as well as additional guidance applicable during this public health emergency. HIPAA Enforcement Discretion for Telehealth ...
As we all know by now, much of our day-to-day lives have been upended by the COVID-19 pandemic. We are being told by everyone everywhere - the CDC, the President, governors, mayors, public health officials - we need to flatten the curve of the virus' natural exponential spread by practicing social distancing and aggressive hand washing ...
No one can predict all the effects of the pandemic on the borrower/lender relationship, but some of those effects will be severe. Both parties place a high value on predictability in their dealings. A borrower must know that when it needs funds, the line of credit will be available, while a financial institution needs to have payments made and covenants met as provided in the financing documents. Its long term survival depends on it ...
In light of the rapidly evolving developments relating to COVID-19, and recognizing that issuers have an urgent need to focus on critical business decisions, the Canadian Securities Administrators (the “CSA”) have announced that they will grant temporary, blanket relief from the filing of certain documents required to be filed on or before June 1, 2020 ...
Following the publication of the proposal a few days ago, on 19 March the European Commission adopted the communication introducing a new temporary legal framework for State aid measures to support the economy in the current COVID-19 outbreak1. The last time the Commission had adopted a similar temporary framework was during the global financial crisis in 2008 ...
On Friday, March 20, 2020, the Department of the Treasury issued Notice 2020-18 (which supersedes Notice 2020-17 issued two days prior), postponing tax filing and payment deadlines for many taxpayers in order to grant some amount of relief to individuals and businesses amid the Coronavirus/COVID-19 crisis ...
On 15 March 2020, the Norwegian government presented their proposal for new loan and guarantee schemes in the total amount of NOK 100 billion, to strengthen Norwegian companies' liquidity during the Covid-19 outbreak. The proposal includes: A NOK 50 billion funding which will be applied to issue guarantees in favour of banks as security for new loans granted to small and medium sized companies ...
In IRS Notice 2020-18, the IRS extended the deadline for specified U.S. federal income tax payments and federal income tax returns due April 15, 2020 to July 15, 2020.IRS Notice 2020-18 supersedes IRS Notice 2020-17 which only extended the deadline for specified tax payments (see our prior coverage here). The extension applies to any person with a federal income tax payment and/or federal income tax return due April 15, 2020 ...
On Wednesday, March 18, 2020, the Department of the Treasury issued Notice 2020-17, postponing payment deadlines for many taxpayers in order to grant some amount of relief to businesses and individuals amid the Coronavirus/COVID-19 crisis. The Notice provides many taxpayers with the ability to defer federal income tax payments otherwise due by April 15, 2020, but does not postpone or alter the April 15 filing deadline or estimated payments due June 15, 2020 ...
The public health emergency caused by the international COVID-19 pandemic (“COVID-19”) has made it necessary to adopt a range of measures to contain this disease and these measures are having profound economic and financial effects. At a time when there is a huge reduction in their income, companies will have to cope with enormous pressures on their liquidity ...
As each day that passes while COVID-19 spreads throughout the country, more businesses are closing their doors to protect their employees, customers, vendors, and other people with whom they come into contact. And many of them are wondering whether there is coverage for their business losses during this time. Business interruption or business income coverage is sometimes included in commercial property coverage ...
On March 20, Treasury Secretary Steven Mnuchin announced by tweet that the April 15 deadline for filing tax returns will be postponed to July 15: "At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties." Later on March 20, the IRS published Notice 2020-18 to memorialize the extension ...
U.S. Treasury Secretary Steven Mnuchin announced Friday on Twitter that the U.S. will extend the tax filing deadline of April 15, 2020 for 2019 individual and business tax returns until July 15, 2020. Earlier this week, the Internal Revenue Service announced that the payment deadline for any 2019 individual income tax due, including 2020 first quarter estimated payments due April 15, 2020, was deferred until July 15, 2020 ...
To mitigate the economic impact of the Coronavirus (COVID-19) pandemic, certain extraordinary measures have been taken in the field of taxation. The aim of these measures is to ensure the cash flows of companies and to allow some flexibility in complying with tax obligations and in the payment of taxes by companies and individuals ...
Payments of tax and penalties falling due between 8 March and 31 May 2020 arising out of tax assessments issued by the Italian Tax Authorities, the National Social Security Agency (INPS), the Italian Customs Agency and by Regional and Local Authorities, and any other enforcement claims aimed at collecting tax revenues, must be made in a single instalment by 30 June 2020. Payments made before the issuance of the Decree cannot be reimbursed to the taxpayer ...
